Saturday, 31 October 2015

Indian ADRs ended lower on Friday. In the banking space, ICICI Bank was down 0.04 percent at USD 8.62 and HDFC Bank slipped 1.1percent at USD 61.14. In the IT space, Infosys declined 0.13 percent at USD 18.16 and Wipro was up 0.01 percent at USD 12.38. In the other sectors, Tata Motors fell 0.01 percent at USD 29.57 and Dr Reddy's Laboratories shed 0.12 percent at USD 64.79.

Oil gained on Friday while stocks on Wall Street closed lower even as major US and European stock indices posted their best month in at least four years, boosted in part by accommodative monetary policies in the euro zone and Japan. Oil prices rose after the US oil rig count fell for a ninth straight week, indicating potentially lower crude output in coming months in the face of a global supply glut. The dollar slipped after data showing US consumer spending in September recorded its smallest gain in eight months as personal income barely rose, suggesting some cooling in domestic demand after recent hefty increases. European shares closed slightly higher, with the pan-European FTSEurofirst 300 index up 0.01 percent at 1,484.46, while the euro zone's blue-chip Euro STOXX 50 index rose 0.14 percent to 3,418.23. The two indices posted their best monthly gains in more than six years.

Asian stocks mostly advanced on Thursday, encouraged by a stronger finish on Wall Street following the Fed's decision to leave interest rates near zero. Major US averages surged more than 1 percent overnight, after the Fed kept rates unchanged but signaled that a December rate hike was still on the table. The Nasdaq Composite led gains with a 1.3 percent rise, while the Dow Jones Industrial Average and S&P 500 closed up 1.1 and 1.2 percent respectively.

US stocks ended sharply higher on Wednesday after a volatile session as the Federal Reserve gave a vote of confidence in the US economy by signaling a December interest rate hike was still on the table. S&P financials, which benefit from higher borrowing rates, shot up following the Fed statement and led sector gains. The financial index ended up 2.4 percent, its biggest percentage gain in seven weeks. The KBW Nasdaq regional bank index jumped 4.1 percent. S&P utilities, which tend to do worse when interest rates are rising, fell 1.1 percent and led S&P sector declines. The Fed left rates unchanged, as expected, and, in a direct reference to its next meeting, put a December rate hike firmly in play. It also downplayed global economic headwinds in its statement.

The Indian rupee has opened lower on Wednesday. It has slipped 10 paise at 65.07 per dollar versus 64.97 Tuesday. Pramit Brahmbhatt of Veracity said, "We expect the rupee to depreciate today. We see the range for the rupee between 64.60-65.40/dollar."

US stocks slipped on Tuesday on uncertainty over the US rate outlook and disappointing results from Ford and other companies.Upbeat results from Apple after hours, however, could give the market a boost on Wednesday. Shares of Apple, the biggest company by market capitalization, rose 2.8 percent to USD 116.89 after it reported higher-than-expected earnings and revenue. Apple's stock ended the regular session down 0.6 percent at USD 114.55. Nasdaq 100 e-mini futures NQc1 also edged up after Apple's results. "Both earnings and revenues were above expectations, which I think was well embraced based on the fact that a lot of companies have been struggling on the top line," said Daniel Morgan, senior portfolio manager at Synovus Trust Company, which owns Apple shares.

The Sensex is down 137.67 points or 0.5 percent at 27115.77 and the Nifty slips 47.35 points or 0.6 percent at 8185.55. About 286 shares have advanced, 197 shares declined, and 40 shares are unchanged.

Tuesday, 27 October 2015

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Indian ADRs ended mostly lower on Monday. In the IT space, Infosys was down 0.12 percent at USD 18.50 and Wipro was up 0.11 percent at USD 12.35. In the banking space, ICICI Bank was down 0.06 percent at USD 9.07 and HDFC Bank gained 0.78 percent at USD 63.56. In the other sectors, Tata Motors slipped 0.22 percent at USD 29.48 and Dr Reddy's Laboratories shed 0.33 percent at USD 65.57.

The Dow and the S&P 500 edged lower on Monday as energy shares dropped with oil prices and Apple retreated a day before its quarterly results. Investors were cautious ahead of the Federal Reserve's two-day policy meeting, which begins on Tuesday. The market is looking for clues on the outlook for when the Fed may begin raising interest rates.

Saturday, 24 October 2015

A tech share rally drove US stocks up sharply for a second day on Friday as earnings from companies including Microsoft beat analysts' expectations, while healthcare shares rebounded from recent losses. The gains left the S&P 500 in positive territory for the year and above its 200-day moving average for the first time since Aug. 19. An unexpected rate cut in China added to the positive tone for US stocks, which also registered gains for the week. Microsoft shares rose 10.1 percent to USD 52.87, their highest in 15 years, after adjusted revenue beat expectations for the ninth quarter in a row. Microsoft gave the biggest boost to the three indexes, accounting for nearly a fifth of the Dow's gain and leading a strong rally in technology stocks. The S&P technology sector jumped 3.0 percent, leading gains among major sectors.

Indian ADRs ended higher on Thursday. In the IT space, Infosys gained 0.51 percent at USD 18.16 and Wipro added 0.22 percent at USD 12.14. In the banking space, ICICI Bank was up 0.05 percent at USD 8.99 and HDFC Bank was up 0.12 percent at USD 62.54. In the other sectors, Tata Motors rose 0.32 percent at USD 29.10 and Dr Reddy's Laboratories advanced 0.87 percent at USD 64.73.

The euro skidded to two-month lows against the dollar on Friday after the European Central Bank opened the door to more stimulus as early as December, leaving the single currency shaken a day after it had posted one of the biggest falls in recent years. The euro fell to as low as USD 1.1072 in early Asian trade, breaking below the USD 1.11 mark, which has been a major support for the currency in the last several weeks. The ECB chief Mario Draghi said on Thursday that the bank is studying new stimulus measures that could be unveiled as soon as December and is prepared to cut its deposit rate deeper into negative territory. His comments sent the euro sliding 2.0 percent overnight, its second largest fall since 2011, eclipsed only by the drop on January 22 this year when the ECB announced its current bond buying scheme. Against the British pound, the common currency fell to 72.05 pence, near its Sept 22 low of 71.97. In the option market, risk reversal spreads widened in favour of euro puts, or the right to sell the euro, with one month spread hitting the highest level since July.

Asian share markets were sharply higher early Friday, tracking offshore gains following hints of new stimulus from the European Central Bank (ECB). ECB President Mario Draghi signaled on Thursday that the central bank is prepared to undertake another large stimulus package to tackle the lackluster growth seen in the euro zone. "It was not a wait-and-see, but it was a work-and-assess. We are ready to act if needed, we are open to a whole menu of monetary policy instruments," Draghi said at the ECB's governing council meeting. Following the news, the pan-European STOXX 600 powered up 2 percent, with all sectors closing in positive territory. Across the pond, Wall Street surged nearly 2 percent overnight, with the Dow Jones Industrial Average posting its best day since September 8.

Indian ADRs ended mixed on Tuesday. In the IT space, Infosys was up 0.13 percent at USD 18.05 and Wipro shed 0.22 percent at USD 12.29. In the banking space, ICICI Bank was up 0.03 percent at USD 9.08 and HDFC Bank rose 0.12 percent at USD 63.60. In the other sectors, Tata Motors slipped 0.27 percent at USD 28.90 and Dr Reddy's Laboratories shed 2.64 percent at USD 65.15.

Asian stocks are in another mixed trading session early Wednesday, following a lackluster lead from Wall Street. Major US averages slipped overnight, with the Dow Jones Industrial Average snapping a three-day winning streak, amid a decline in healthcare and biotech names. The blue-chip Dow and S&P 500 shed 0.1 percent each, while the Nasdaq Composite closed down 0.5 percent. Nikkei rises 0.8 percent Japan's Nikkei 225 index outperformed the region in early trade, with financials and exporters leading the charge.

US stocks ended slightly lower on Tuesday as a decline in healthcare and biotech stocks offset gains in United Technologies and Verizon. A 5.7 percent drop to USD 140.64 in IBM also weighed on the market. The stock hit a five-year intraday low at USD 140.28 after it reported a bigger-than-expected decline in quarterly revenue and cut its full-year profit forecast. The S&P healthcare sector fell 1.5 percent, while the Nasdaq Biotech Index .NBI dropped 3.2 percent. Concerns about drug pricing have hit biotech and other healthcare shares.